This isn’t one of my own but a useful tidbit nonetheless. I have some thoughts and ideas floating around for some original articles but January has started with a boom and free time is hard to find!

So here’s something someone else wrote!

Newcastle Building Society has launched two competitive mortgage schemes to help first time buyers (FTB) with a low deposit take their first steps to owning their own home.

With recent research highlighting that affordability for first time buyers is at the best level since before the credit crunch the Newcastle’s new products may be a timely introduction.

Newcastle Building Society’s two mortgage deals require a minimum 5% deposit. One product is a two-year fixed rate at 5.95% (APR 6.3%) with a £800 Completion Fee and £195 Reservation Fee.

Or, as an alternative, a fees-free option is available to suit those who want to use their available funds to maximise their deposit. This product is a two-year fixed rate at 6.25% (APR 6.2%)and comes with no completion or reservation fees.

Both products have a minimum loan amount of £10,000 and a maximum of £250,000 and are available in both NBS’ branch network and through the telephone-based direct mortgage team to make it as accessible as possible.

These products are also available for re-mortgages, as well as first time buyers and other home movers.

Steve Urwin, Sales and Marketing Executive at NBS: “When it comes to the housing market, it is a well known fact that first time buyers are key to keeping it mobile.

“Additionally, there is no doubt an appetite and ambition to own a home amongst this market still exists. However, the big hurdle for them is to obtain a mortgage deal that suits their specific needs with a smaller deposit requirement.

“Our two new mortgage products ultimately aim to give those new borrowers the chance to get onto the property ladder sooner rather than later.”

PRODUCT INFO:

The product features are outlined below:

5.95% (APR 6.3%) Fixed Rate until 31st March 2014

£800 Completion Fee (can be added to loan up to max LTV)

£195 Reservation Fee (payable upfront and non refundable)

Minimum Loan £10,000

Maximum Loan £250,000

Max LTV 95%

Early repayment charge of 3% if repaid before 31st March 2014

6.25% (APR 6.2%) Fixed Rate until 31st March 2014

No Completion Fee

No Reservation Fee

Free Standard Valuation (on properties up to £500k)

£300 Cashback (payable 14 days upon completion) or Free Legal Fees (for re-mortgages only in England and Wales)

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